Pakistan Super League franchise Multan Sultans’ contract has been terminated by the Pakistan Cricket Board after it reportedly failed to submit bank guarantee worth $5.2 million for the fourth edition of the tournament.

According to a report on cricketpakistan.com, PCB might themselves decide to manage the franchise for the coming season as well as postpone the bidding process.

The property, land and an Escrow account registered in the name of Schon Properties, that owned the PSL club, were earlier seized by the Dubai Land Department (DLD), according to Arab News. Schon Properties had bought the franchise in 2017 with a winning bid of $41.6 million, paying $5.2 million for each season, becoming the most expensive of the six PSL franchises.

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The Schon Group was reportedly on the National Accountability Bureau’s radar for loan default and allegations of involvement in a financial scam worth Rs 1.245 billion.

Multan Sultans finished this season at the fifth spot with just nine points.